Proposition 1: Bond Aims To Help Veterans, Affordable Housing

The first measure on this year’s ballot wants voters to decide on bond funding for housing assistance programs.

The ballot is one of a couple related to California’s housing crisis. It joins Proposition 2’s effort for housing for those with mental illnesses and Proposition 10’s effort to repeal the Costa-Hawkins Rental Housing Act.

PROPOSITION 1 FAST FACTS

WHAT YOUR VOTE MEANS

A YES vote on this measure means: Allows the state to sell $4 billion in general obligation bonds to fund veterans and affordable housing.

A NO vote on this measure means: The state could not sell $4 billion in general obligation bonds to fund veterans and affordable housing.

FISCAL IMPACT

Increased state costs to repay bonds averaging about $170 million annually over the next 35 years. These bond funds would be used to provide affordable housing.

Proposition 1 calls for the state to sell $4 billion in bonds for veterans and affordable housing. That $4 billion breaks down into the following

$1.5 billion: Deposited in the Housing Rehabilitation Loan Fund. That money will go toward “new construction, rehabilitation and preservation of permanent and transitional rental housing for persons with incomes of up to 60 percent of the area median income.

$150 million: Deposited into Transit-Oriented Development Implementation Fund. It will provide assistance to cities, counties and transit agencies to help develop high-density housing near transit stations.